Cyanamid lets offer deadline passApparently betting that...

BUSINESS DIGEST

August 17, 1994

Cyanamid lets offer deadline pass

Apparently betting that it can still make a better deal, American Cyanamid Co. let a 24-hour deadline pass yesterday without saying whether it would accept a sweetened $100-a-share takeover offer from American Home Products Corp.

American Home Products, a diversified health- and consumer-products company based in Madison, N.J., had said it would go back to its earlier $95-a-share tender offer if the American Cyanamid board did not respond positively.

Shares of American Cyanamid rose $3.125, to $94, in heavy trading on the New York Stock Exchange yesterday. Shares of American Home Products lost 12.5 cents, to $58.875, on the Big Board.

Bell cable service in N.J. opposed

The cable industry yesterday asked federal regulators to block Bell Atlantic Corp. from offering cable service in central New Jersey.

The National Cable Television Association asked the Federal Communications Commission to delay a July 6 decision that would clear the way for Bell Atlantic-New Jersey to carry programs over its phone network in Dover Township.

Bell Atlantic called the action an attempt to "thwart customer choice and competition."

Federated, Macy boards OK merger

The boards of R. H. Macy & Co. Inc. and Federated Department Stores Inc. have approved the companies' agreement to merge when Macy emerges from bankruptcy court protection later this year.

The agreement was approved in separate meetings this week and announced yesterday.

The deal is contingent on the approval of Macy's creditors and U.S. Bankruptcy Court as well as Federated shareholders. Its creditors have already endorsed the plan, under which Federated will repay $4.1 billion in Macy's debts.

Ailing TWA short on cash

Cash-strapped Trans World Airlines Inc. disclosed it may be forced to sell assets or seek outside financing to stay aloft, according to papers filed with the Securities and Exchange Commission yesterday.

The airline, based in St. Louis, has encountered difficulties since it emerged from bankruptcy last year. The documents said it is uncertain whether restructuring plans can be implemented quickly enough to stabilize its precarious condition.

Congress slashes SEC budget

A congressional conference agreement yesterday severely reduced the budget for the Securities and Exchange Commission to $125 million from a requested level of $309.6 million.

The action followed attempts by the House committee with oversight over the securities watchdog to turn the SEC into a self-funding agency.

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